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8liens sweeps NFT market WITH 253% surge, but what of CryptoPunks, BAYC

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8liens sweeps NFT market WITH 253% surge, but what of CryptoPunks, BAYC

The wider Ethereum [ETH] NFT market did not note any spine-tingling milestones recently, despite the altcoin hitting $2,000. In fact, sales volumes across ETH NFTs saw a 3.38% fall over the last 24 hours, according to CryptoSlam.

However, there was some eye-catching activity in the same ETH NFT market. No, it was not about Crypto Punks or Yuga Labs-backed Bored Ape Yacht Club [ BAYC].

Aliens over Apes?

According to CryptoSlam’s data, “genderless” NFT collection 8liens was the best-performing NFT in the last 24 hours. The NFT collection recorded over $3 million in sales volume within the said period. These 3,374 transactions that added up involved 1,672 buyers.

Source: CryptoSlam

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The aforementioned figures were way higher than the activities recorded within the BAYC and CryptoPunks ecosystems. Now, although they both registered an uptick, it was lower than the one 8liens recorded. In fact, CryptoPunks’ 24-hour sales volume hiked by 79.62% to hit $2.83 million while BAYC only went up a paltry 4.58% to $1.38 million.

At press time, 8liens traders’ profit was an average of 32.90% with active wallets up by 122.70% to hit 2,886.

Source: CryptoSlam

Despite the said uptick, however, 8liens was still down from its floor price of 0.62 ETH on 11 August. At the time of writing, the lowest-priced 8liens asset was worth 0.298 ETH. However, it’s worth pointing out that its position has improved since the market was last looked at.

Can’t tame the bear

With the crypto-market recovering, NFT traders might be expecting the market to follow. However, it might not yet be time for a full-blown gain season. This, because the entire NFT ecosystem has not shown signs of a complete revival with an aggregate 1.80% decline in the last 24 hours.

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Other blue-chip collections including Sorare and Otherdeed also noted declines in their 24-hour sales volumes. Sorare was down 51.88% while Otherdeed’s fell by 20.02%. Additionally, Moonbirds was not left out as it went down by 42.07%.

While 8liens surged, the chances of the NFT market claiming bullish momentum are still low. In fact, NFTGo reported that the global market cap was down 11.33% over the last three months. Also, the market was far from reaching  the trader count within the same period. In fact, buyers were down 29.32% to 440,644 while the overall number of traders also declined to 658.092.

Source: NFTGo

Jibin is a news editor at AMBCrypto. With over three years of experience as a political writer, he primarily focuses on the political impact of crypto developments. A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective. A Liverpool FC fan. YNWA

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QNT sets the stage for a bearish pullback but here’s the catch

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QNT sets the stage for a bearish pullback but here’s the catch

Quant’s QNT holders have enjoyed a smooth ride to the top in the last seven days as the rest of the market faced the heat. But what goes up must come down and QNT has already started showing retracement signs. It might even be ripe for a quick short position and here’s why.

QNT just concluded a very bullish seven days during which it achieved a 48% uptick. The rally occurred after it retested short-term support which constituted its short-term ascending price channel.

It peaked at $145 before retracing slightly to its $135 press time price.

Source: TradingView

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Although it managed to achieve a new 5-month high, QNT is already overbought at its current price level. In addition, the pullback in the last 24 hours revealed that sell pressure is increasing and could soon trigger a substantial retracement.

The downside expectations are not just in QNT’s price action. Some of Quant’s on-chain metrics also point towards such an outcome. For example, its velocity metric pivoted halfway into the rally and was down to its lowest monthly level, at press time on 28 September.

Source: Santiment

The lower velocity may indicate that the trend is growing weak and this means it will soon give way to the bears. QNT’s 90-day Mean coin age metric already pivoted after attaining a new monthly high on 26 September. This pivot confirmed that some of the individuals that have HODLed during the 90-day period are starting to sell their holdings.

Investors looking into QNT’s next course of action should also consider whether there is an incentive to sell at the current price level. The cryptocurrency’s MVRV ratio just had its monthly peak at 21.7% and has also pivoted.

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Source: Santiment

The MVRV ratio confirms that most of those who bought at the monthly lows are deep in profit. In other words, there is an incentive to sell, especially if those gains face potential erosion in case of a sizable retracement.

Investors who are still unsure of the next move should consider evaluating the age-consumed metric. This metric provides an overview of the number of coins that are exchanging hands after being dormant for some time.

Source: Santiment

Quant’s age consumed metric peaked at 9.17 million QNT on Monday (26 September) and roughly 2.82 million in the last 24 hours. This confirms that a large amount of cryptocurrency has been switching hands in the last few days. Well, a large spike especially after a bullish period might be confirmation of incoming sell pressure.

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The above metrics do not necessarily provide clear-cut confirmation that a retracement is happening. However, the shifts in their dynamics may help investors to prepare for the next move.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Binance Coin [BNB] may disappoint traders in Q4 based on these reasons

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Binance Coin [BNB] may disappoint traders in Q4 based on these reasons

Binance Coin’s [BNB] antics, since the start of September, may have left investors in disappointment. However, a report revealed that the exchange cryptocurrency managed to put up some good performance in some other areas.

According to BNBburn, the number of tokens burned in the third quarter (Q3) surpassed the entire record of the second quarter. At press time, BNB tokens burned in Q3 was 2,040,503.56 BNB, compared to 1,976,739.87 BNB in Q2. 

Interestingly, all these happened despite a lower average trading price registered by the former. As expected, this led to a significant difference in the worth of the BNB burned. The second quarter value amounted to $626,356,129.623  while Q3’s worth was $562,592,435.15. 

In dire need of a helping hand

Despite the increase in burned tokens, it may seem that BNB could need some help. Details from DeFi Llama showed that the Total Value Locked (TVL) on the Binance Smart Chain (BSC) was worth less than it was on 27 September.

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According to DeFi Llama, BNB’s TVL was $5.25 billion at press time, representing a 1.87% decline from the previous day. 

Source: DeFi Llama

Additionally, it was not only the BNB price that experienced a decline. A look at its one-day circulation also showed that it was nowhere near impressive. Furthermore, Santiment data showed that the uptick on 20 September to 358,000 had reduced to 125,000. 

Fortunately, it seemed that traders were most active in the NFT sector of the BNB chain. The on-chain data platforms showed that BNB NFT trades were $1.52 million at the time of this writing.

Source: Santiment

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How about the charts?

Some days ago, it was observed that the burning effect could not lead BNB to $300. As of then, BNB was trading a little above the current price. So, has the momentum changed since then?

The Awesome Oscillator (AO) showed that BNB’s momentum was currently bearish with its value at -4.3. Also, the AO status also showed that there was a bearish twin peak, indicating that a bullish momentum was unlikely  in the short term. 

Source: TradingView

It was a similar result with the Relative Strength Index (RSI). Based on the four-hour chart, the RSI had succumbed to the overbought pressure it earlier experienced. 

With BNB failing to hold on support and resistance repeatedly, the expectations of a price rise in the fourth quarter may well be at an extremely low point. Still, assuming that there would be less profits could sound too hasty as Bitcoin [BTC] cannot be written off in recovering. In most cases, BNB follows the same trend. 

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Ethereum [ETH]’s latest mixtape may leave investors scratching their heads

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Ethereum [ETH]’s latest mixtape may leave investors scratching their heads

Ethereum [ETH], ever since the Merge, faced some massive selling pressure that came as a after-effect of the event. However, can the decline in the price of ETH open up the possibility of investors purchasing the alt at a discount?

Will ETH regain some interest?

Despite the events post the Merge, the reduction in token issuance could possibly induce a spike in Ethereum’s prices. This could depend on the demand for the token: whether it increases or decreases in the future.

Source: Messari

Furthermore, despite the volatility it witnessed, ETH still makes up a massive part of the crypto space. With more than half of the DeFI ecosystem still running on Ethereum, the altcoin has a long way to go.

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One of the positive indicators for Ethereum was the amount of revenue generated with the help of its network fees. At press time, this figure stood at $4.8 billion. Ethereum, thus, managed to outperform the rest of its competitors by a huge margin.

Source: Twitter

But that’s not all. The exchange reserves witnessed a decline as well. The decline in the exchange reserve indicated  that selling pressure stood at a low. 

A discount deal

Ethereum’s price movement in the past few days may have been a discounted deal for some. Whales, to be specific, seemed interested in ETH over the past few weeks.

There was also a been a spike in the development activity over the last few weeks. This implied that the team at Ethereum was constantly working on improving Ethereum’s technology.

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Source: Santiment

Even though all these factors allude to a positive future for the altcoin, Ethereum’s short term future looked bearish.

Proceed with caution

The Market Value to Realized Value (MVRV) ratio was on the decline over the past month. This indicated an extremely negative future for ETH’s prices. Ethereum’s market cap saw some dwindling as well, along with Ethereum’s velocity.

ETH”s velocity also saw a massive drop over the past couple of days. This means that the number of times ETH exchanged addresses also dropped drastically.

Source: Santiment

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Ethereum, at press time, was trading at $1,281.16 and depreciated by 6.66% over the past 24 hours.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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